A Aforeworn
Forewarned is forearmed.
Home › Niches › Crypto & DeFi Tax Reporting › Change
High urgency

Illinois Enacts the Strictest Digital-Asset Tax in the US as Industry Group Urges Veto - The Defiant

Detected July 6, 2026 · in Crypto & DeFi Tax Reporting

Illinois has enacted the strictest digital-asset tax law in the US, imposing new reporting and compliance requirements on crypto businesses and traders. Industry groups are urging a veto, but the law is currently in effect.

Aforeworn detected this change in the Crypto & DeFi Tax Reporting space on July 6, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated High urgency. Crypto exchanges, brokers, DeFi protocols, accounting firms, and high-volume traders operating in or serving Illinois residents. should confirm how it applies to their specific situation before acting. There is a time constraint attached: Immediately; the law is effective for tax year 2024, with reporting deadlines in early 2025.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Crypto & DeFi Tax Reporting continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.

What changed

Illinois passed a law requiring detailed reporting of digital asset transactions, including cost basis, wash sale rules, and staking rewards, with penalties for non-compliance.

Who it affects

Crypto exchanges, brokers, DeFi protocols, accounting firms, and high-volume traders operating in or serving Illinois residents.

What you must do

Review Illinois-specific tax reporting obligations, update compliance systems to capture required data, and consult with tax advisors to ensure accurate reporting.

Deadline

Immediately; the law is effective for tax year 2024, with reporting deadlines in early 2025.

Source: https://news.google.com/rss/articles/CBMimgFBVV95cUxNaUVhX0lBR2pSOE03RXIxZGNkbl9qT1RFdVl1amd4WlNqSUNSdUVWN2ZYb3JTQTRRY0ZCQ0VCSUgzbHV6dlZqRU53c1AyUTlpSjBNMkNjUzN3MEVRcWxaV1ZTV3JuOVU1ZVV0UVRXUW40cFNUTUZtbkFYQ0pTdng5Rlp1VUppN2EtdE1Lb0xiV2lwOHZJeFNCTEp3?oc=5

Never miss a change like this again

Aforeworn watches Crypto & DeFi Tax Reporting around the clock and alerts you the moment a rule moves — with a plain-English brief on what to do.

Start your free trial

Related changes in Crypto & DeFi Tax Reporting